Ecobank $42m Fraud: Court Fixes Jan 27 For Further Hearing Of Charges Against Briton, Indians

Justice Akintayo Aluko of a Federal High Court, Lagos, has adjourned further hearing of the criminal charge filed against a briton, two indians and their companies, for allegedly defrauded Ecobank Nigeria Ltd of the sum of $42.48 million

The briton and the Indian nationals named to have allegedly defraud the Ecobank of the sum are: Marcus Wade, chairman of Wilben Trade Limited and Prem Garg and Devashish Garg.

They allegedly defrauded the bank in 2015, by under a false presence of using the money to import rice.

They are being prosecuted alongside their companies; Wilben Trade Limited, Dubai, and Agrico Agbe Limited, by the Attorney-General Office (AGF) of the Federal Ministry of Justice.

Justice fixed the new date on Thursday, following the absence of the prosecutor and the three defendants.

At the resumed hearing of the matter, a lawyer, A. A. Akinteye, who announced his appearance for the defendants, informed the court that the prosecutor told him to ask for adjournment, because he has a matter at an Appeal Court, hence, he was unable to be in court for the matter.

He therefore asked the court for another date.

Meanwhile, following earlier freezen orders placed on the defendants’ accounts, two lawyers, Ademola Abayomi and Victor Adunwa, representing Zenith Bank, GTb and Citi Bank, informed the court neither the defendants nor their companies have accounts with the banks.

Based on the above, the court adjourned the matter to January 27, 2026, for further hearing. 

Parts of the charge marked FHC/L/562C/2022, against the defendants read: “that you, Prem Garg, Devashish Garg both of indian nationality, Agrico Agbe Limited (a company registered in Nigeria), Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Trade Ltd, Dubai) of British nationality, sometime in the month of May and September, 2015 at Ecobank Plc, Lagos within the Jurisdiction of this honourable court conspired between yourselves to commit an offence thereby committed an offence punishable under Section 422 of the Criminal Code Act, Cap C38 Laws of the Federation of Nigeria, 2004,” the charge reads.

“That you, Prem Garg, Devashish Garg both of Indian nationality, Agrico Agbe Limited (a company registered in Nigeria), Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Trade Ltd, Dubai) of British nationality, sometime in the month of May and September, 2015 at Eco Bank Plc. Lagos thin the Jurisdiction of this Honourable Court conspired between yourselves to commit an offence to wit: Cheating in that you caused Ecobank Plc to deliver monies to the tune of $42,485,900 which was intended by contract for the purchase and import into Nigeria India Parboiled rice but never utilised the sum of money for the contract and thereby committed an offence punishable under Section 421 of the Criminal Code Act, Cap, C38 Laws of the Federation of Nigeria, 2004.”

However, while the charge is pending, the defendants have failed to appear in court to take their pleas on the charges.

While several applications filed by the defendants to halt their arraignment, prosecution and bench warrant issued against them, were dismissed by the court.